India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>The EU is negotiating with India to remove the 100% import duty on fully built cars under FTA.</li>
<li>Warburg Pincus plans to lead a INR600 - 800 crore rights issue to rescue troubled <a href="https://www.smartkarma.com/entities/fusion-micro-finance-ltd" target="_blank" data-smartkarma-citation="entities:36450:1" rel="noopener">Fusion Micro Finance (FUSION IN)</a>.</li>
<li>PAG has hired JP Morgan and Morgan Stanley to sell its INR 2.2k crore controlling stake in <a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management (NUVAMA IN)</a>. </li>
</ul>


The EU is negotiating with India to remove the 100% import duty on fully built cars under FTA.
Warburg Pincus plans to lead a INR600 - 800 crore rights issue to rescue troubled Fusion Micro Finance (FUSION IN).
PAG has hired JP Morgan and Morgan Stanley to sell its INR 2.2k crore controlling stake in Nuvama Wealth Management (NUVAMA IN). 


#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>Nuvama continues to post strong earnings. Its Q3FY25 revenues grew 30% YoY to INR 723cr. Q3FY25 PAT grew 43% YoY to INR 252cr. </li>
<li>Q3FY25 performance was surprisingly led by the Asset Services segment where revenue grew 77% YoY with addition of new clients and positive asset flow, leading to market share gain.</li>
<li>Together the Wealth and Asset Management segments performed steady with revenue growth of 18% YoY. Net flows in 9MFY25 in ARR and MPIS assets exceeded that for whole of FY24.</li>
</ul>


Nuvama continues to post strong earnings. Its Q3FY25 revenues grew 30% YoY to INR 723cr. Q3FY25 PAT grew 43% YoY to INR 252cr. 
Q3FY25 performance was surprisingly led by the Asset Services segment where revenue grew 77% YoY with addition of new clients and positive asset flow, leading to market share gain.
Together the Wealth and Asset Management segments performed steady with revenue growth of 18% YoY. Net flows in 9MFY25 in ARR and MPIS assets exceeded that for whole of FY24.


External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Nuvama Wealth Management (NUVAMA) reported operating revenue of INR7.2b, growing 30% YoY (in-line).</li><li>This growth was driven by a 19% YoY increase in wealth management revenue (in-line), flat AMC revenue (30% miss), and a 46% YoY growth in capital market revenue (in-line).</li><li>For 9MFY25, operating revenue grew 45% YoY to INR21.3b.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Nuvama Wealth Management (NUVAMA) reported operating revenue of INR7.2b, growing 30% YoY (in-line).This growth was driven by a 19% YoY increase in wealth management revenue (in-line), flat AMC revenue (30% miss), and a 46% YoY growth in capital market revenue (in-line).For 9MFY25, operating revenue grew 45% YoY to INR21.3b.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nuvama Wealth - Robust Performance in Private Wealth and Cap Market Segments

<ul>
<li>Going into CY25, Nuvama is one of our highest conviction ideas. It has potential to generate 75%+ upside, just from valuation gain.</li>
<li>India's wealth management industry is in nascent phase led by under-penetration and a growing affluent, HNI and UHNI clientele.</li>
<li>Nuvama's edge is its integrated platform bolstered by technology prowess and a solution-focused approach as opposed to a product-push model. It offers a holistic solution with a robust relationship-driven approach.</li>
</ul>


Going into CY25, Nuvama is one of our highest conviction ideas. It has potential to generate 75%+ upside, just from valuation gain.
India's wealth management industry is in nascent phase led by under-penetration and a growing affluent, HNI and UHNI clientele.
Nuvama's edge is its integrated platform bolstered by technology prowess and a solution-focused approach as opposed to a product-push model. It offers a holistic solution with a robust relationship-driven approach.


2025 High Conviction: Nuvama - A Play on Burgeoning Wealth Management Industry in India

<ul>
<li>Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.</li>
<li>Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.</li>
<li>Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.</li>
</ul>


Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.
Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.
Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.


Nuvama: Stellar Start as an Independent Listed Entity

India

Nuvama Wealth Management Limited provides financial services. The Company offers wealth management, portfolio management, and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Nuvama Wealth Management serves customers India.

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Nuvama Wealth Management (NUVAMA IN)

#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale

EU negotiating with India to remove import duty on cars, Warburg Pincus plans rights issue for Fusion Micro Finance, PAG selling stake in Nuvama...

Sudarshan Bhandari

Nuvama: Yet Another Strong Quarter

Nuvama is scaling up its businesses well on the back of its strong franchise and an underpenetrated wealth and asset management industry in India....

Ankit Agrawal, CFA

Nuvama Wealth - Robust Performance in Private Wealth and Cap Market Segments

This growth was driven by a 19% YoY increase in wealth management revenue (in-line), flat AMC revenue (30% miss), and a 46% YoY growth in capital...

Motilal Oswal

2025 High Conviction: Nuvama - A Play on Burgeoning Wealth Management Industry in India

Nuvama is a direct beneficiary of the growing wealth management industry in India. Professional wealth management is still nascent in India. An...

Ankit Agrawal, CFA

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale

​EU negotiating with India to remove import duty on cars, Warburg Pincus plans rights issue for Fusion Micro Finance, PAG selling stake in Nuvama...

Sudarshan Bhandari

Nuvama: Yet Another Strong Quarter

Nuvama is scaling up its businesses well on the back of its strong franchise and an underpenetrated wealth and asset management industry in India....

Ankit Agrawal, CFA

Nuvama Wealth - Robust Performance in Private Wealth and Cap Market Segments

This growth was driven by a 19% YoY increase in wealth management revenue (in-line), flat AMC revenue (30% miss), and a 46% YoY growth in capital...

Motilal Oswal

2025 High Conviction: Nuvama - A Play on Burgeoning Wealth Management Industry in India

Nuvama is a direct beneficiary of the growing wealth management industry in India. Professional wealth management is still nascent in India. An...

Ankit Agrawal, CFA

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

EU negotiating with India to remove import duty on cars, Warburg Pincus plans rights issue for Fusion Micro Finance, PAG selling stake in Nuvama...